The Swiss Market Index (SMI) dropped 1.2 percent to 7,641.12 at
10:45 a.m. in Zurich. The equity benchmark has fallen 9.1
percent since Federal Reserve Chairman Ben S. Bernanke said on
May 22 that the central bank may reduce its bond buying if the
U.S. economy recovers in line with its forecasts. The broader
Swiss Performance Index slid 1.1 percent today.

In Portugal, Prime Minister Pedro Passos Coelho lost both
his finance minister and his foreign minister amid mounting
austerity fatigue.

Secretary of State for Treasury Maria Luis Albuquerque
replaced Vitor Gaspar at the Ministry of Finance. That prompted
Paulo Portas, who leads the smaller CDS party in the coalition
government, to quit, saying the new minister would offer “mere
continuity” of the country’s deficit-cutting plans.